Crypto Bourses Can’t Get Cover For Cyber Risks
“There is no insurance underwriter who has a product to cover our risks — cyber theft or ransomware attacks — in this country. With the lack of any clear regulation to acknowledge cryptocurrency trading exchanges, insurers do not want to cover us. If an exchange loses large sum against ransomware theft, it has to bear the loss,” said Nischal Shetty, CEO of WazirX, a crypto bourse. Most exchanges are international companies with much higher exposure to risk, a non-life general insurance company exectuve said. Insurers have placed crypto exchanges under the decline list or those businesses that are excluded from coverage, another insurer said. Sharan Nair, chief business officer at CoinSwitch Kuber, a crypto exchange, said, “There is no insurance cover in India to cover us from the consequences of cyberattacks. Even those covers offered abroad are inadequate and cannot provide coverage to the entire crypto assets that exchanges hold.”
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